speaker boehner has already proposed putting all of these fiscal cuts off to next year. president obama moon while says he wants an agreement on extending the middle class tax cuts while democrats and republicans work out their differences on raising taxes on the wealthy. lots to do here. >> tom fitzgerald, thank you. >>> wy ell, bthe end of trading today the dow closed up 4 points at 12,815. rich edison with the fox business note work joins us. let's start with a broad question. what is really at stake here? the fiscal cliff starts to take effect, as we heard from fitz, on january 1. what are we looking at as far as massive tax increases and spending cuts? >> reporter: you are talking about $500 trillion removed from the economy in taxes folks more and removing spending. the cost defense industries as tom mentioned. you have got what could equate to a drop in about a half percentage points in gross domestic product. for investors increases on capital gains. families earning $250,000 or more is what the white house wants to see for tax increases. also talking about tax i